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Zee Entertainment Enterprises has announced in principle it will acquire a 100 per cent equity stake in Sarthak Entertainment which operates ‘Sarthak TV’, the number 1 GEC in Odia language.
The acquisition shall be from current shareholders of Sarthak Entertainment Private Limited, subject to requisite regulatory approvals, as an all-cash deal at a consideration of maximum of Rs. 115 Crores
With this acquisition, ZEE has entered the rapidly expanding regional market in Odisha. Sarthak TV, a leading player in the entertainment space in Odisha would complement ZEEL’s strong regional bouquet of channels viz. Zee Marathi, Zee Talkies, Zee Bangla, Zee Bangla Cinema, Zee Telugu, Zee Kannada and Zee Tamizh.
Launched in 2010, Sarthak TV leads the Odia GEC pecking order. The channel has been successful in creating high quality content catering to the needs of local audience. It airs highly successful reality and non-fiction shows besides being the market leader in the fiction segment.
Commenting on the acquisition, MD & CEO of ZEEL, Punit Goenka said, “We are pleased to announce the acquisition of Sarthak as we continue to invest in tomorrow. The acquisition of an already profitable, market leading venture is going to be a value accretive investment in line with our philosophy of enhancing shareholder value. Sarthak will further add to our formidable bouquet of 33 channels in the domestic market”.
Meanwhile Zee has reported that Q1 advertising revenues for the quarter were Rs 7,799 million, recording a growth of 25.4 per cent over Q1 2015.
Subscription revenues were Rs 4,625 million for the quarter ended June 30th 2015
recording a growth of 12.2 per cent over Q1 2015. During the quarter, domestic subscription
revenues stood at Rs 3,680 million while international subscription revenues stood at Rs
Consolidated operating revenues for the quarter stood at Rs 13,399 million, recording a
growth of 27 per cent as compared to the corresponding quarter last fiscal.
Operating profit (EBITDA) for the quarter stood at Rs 3,112 million. EBITDA Margin stood
at 23.2 per cent.
Profit after Tax (PAT) for the quarter ended June 30th 2015 was Rs 2,423 million, recording
a growth of 15.4 per cent over Q1 2015. PAT Margin stood at 18.1 per cent.